Congratulations to our associate Alissa Verson on being elected to the Board of Directors of the DuPage County Bar Association. She will fill one of the Director positions designated for lawyers practicing seven years or less. Since becoming a licensed attorney in 2016, Alissa has been getting involved in the DuPage County Bar Association. In March 2018 she shared her singing talents by performing in the DCBA's annual Judges' Nite musical comedy which is an annual fundraiser for the DuPage Legal Assistance Foundation.
All franchisors and their legal counsel focus on the annual Franchise Disclosure Document update that must be completed within 120 days of the franchisor's fiscal year end. Typically, everyone is relieved that the project is done for the year. However, franchisors have an ongoing legal obligation under both federal and state franchise laws to amend the FDD during the year if a material change has occurred.
As we previously reported last year, on May 8, 2017, the North American Securities Administrators Association (NASAA) voted to adopt a Financial Performance Representation Commentary for franchises (FPR Commentary). The FPR Commentary supplements the 2008 Franchise Registration and Disclosure Guidelines commentary issued by NASAA in 2009 and addresses questions that have been raised over the year by franchisor representatives and state franchise examiners about financial performance representations in Item 19 of the Franchise Disclosure Document.